The normally staid world of Minnesota credit unions announced a second merger in less than a week Monday as Bloomington-based Star Choice and SharePoint credit unions announced they will combine to have nearly $400 million in assets and a service area spanning eight counties.
The deal is expected to close the first week of January 2024. It will create the 8th-largest credit union in the Twin Cities and the 13th-largest in the state with 27,800 members and six branches.
If all goes as planned, the joint entity will eventually adopt a new name, but for now will be called SharePoint Credit Union, meaning the Star Choice name is going away.
Signage will not change until the new name is adopted, officials said. Members will vote on the merger in October.
The merger comes on the heels of last week's announcement that Roseville-based Spire and St. Paul-based Hiway credit unions will merge to create the fourth-largest credit union in the state with $4 billion in assets.
Founded in 1933, SharePoint Credit Union originally catered to employees of the Red Owl grocery store. It now boasts $298 million in assets, 21,500 members and a service area of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Washington and Wright counties.
Star Choice was established in 1931 as the Minneapolis Star Employees Credit Union and originally only served newspaper employees. It expanded its charter more than a decade ago and now has $93 million in assets, one branch and 6,300 members across Hennepin and Scott Counties.
After the merger, Star Choice members will gain access to Share Point branches in Burnsville, Medina, Plymouth and St. Louis Park and one inside the King's County Market grocery store in Andover.
